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Deferment, Exit Counseling, Repayment, and Credit
While attending college you may have received federal student loans through the US Department of Education (ED). These loans remain in deferment while you are enrolled at least half time.
When you are about to begin paying back those loans, you’ll need to know how to manage your debt to avoid repayment and credit problems. Borrowers are scheduled for repayment when they graduate or cease at least half-time (6 credit hours) enrollment. There is a grace period (6 months for Federal Direct Loans, 9 months for Perkins) before the first payment is due.
The Federal loan programs require graduating students and those who have dropped below half-time enrollment to complete an Exit Counseling Session (see links below) to help you understand your rights and responsibilities as a borrower.
You may access your federal student loan information including the status of each loan borrowed on the National Student Loan Data System (NSLDS).
Who is my loan servicer?
For Federal Perkins Loan servicing Hope College contracts with Educational Computer Systems, Inc. (ECSI). You can contact ECSI at (888)459-3274 or access your account on line.
about Loan Repayment?
See information on the Income Based Repayment Plan.
Public Service Loan Forgiveness for Direct Loans
Some loans may be eligible for Loan Forgiveness.
Loan forgiveness programs for certain careers:
Electronic Direct Loan Exit Counseling takes about 30-40 minutes. At this site, select Exit Counseling. You use your Federal PIN to log into a session.
Perkins Loan Exit Counseling takes about
20 minutes. When you are required to complete Exit Counseling
for the Federal Perkins
Loan, you receive a message at your Hope e-mail account directing
you to the exit site. You use your ECSI PIN to log in.
Federal law requires the government to report federal loan information and the subsequent monthly payment information to credit bureaus. A borrower has the right to prohibit a credit bureau from using information in the borrower's credit record in connection with any credit or insurance transaction not initiated by the borrower.